Aequim Alternative Investments LP

Item 5: Fees and Compensation

Items 5.A. and 5.B. Description of Compensation Arrangements and Manner of Fee Payment

Below is a discussion of how Aequim is compensated in connection with providing advisory services to its
Clients. The Adviser may enter into different fee arrangements on a Client by Client basis. Because the
Adviser may enter into different fee arrangements on a client-by-client basis, please ensure you obtain
and carefully read and study all applicable offering documents for any Fund or Funds for which the Adviser
provides investment advisory services. The information contained herein is a summary only and is
qualified in its entirety by the Advisory Client’s Governing Documents. Investors and prospective investors
are advised that they should consult with their own legal, financial, tax and other advisers when making
any investment decision.

Funds

Aequim Arbitrage Master Fund LP (together with Aequim Arbitrage Fund LP and Aequim Arbitrage Fund
Ltd “Aequim Funds") typically consists of three classes, Founders Class, Standard Class, and Balanced Class
Interests. The Aequim Funds previously issued Founders Class and Standard Class Interests, which are no
longer being offered to new investors. The Standard Class investors do not pay a management fee, but
they pay a 30 percent performance fee, which is subject to reduction for future losses. The Founders and
Balanced Class investors are subject to a management fee-or-performance fee structure. A Balanced Class
investor pays a monthly one-twelfth of 1 percent management fee in advance and a 30 percent
performance fee which is subject to reduction for future losses. The performance fee is also reduced, but
not below zero, by the management fee paid in the relevant measurement period. A Founders Class
investor pays a monthly one-twelfth of 1 percent management fee in advance and a 25 percent
performance fee which is subject to reduction for future losses. The performance fee is also reduced, but
not below zero, by the management fee paid in the relevant measurement period.

Performance Fee Calculation. With respect to the Funds, Aequim and/or the General Partner are generally
entitled to a performance fee equal to 30% of the applicable profits allocated to an Investor for each year,
except that half of such fee is held back for one year by the applicable Fund and is subject to reversal by
losses allocated to that Investor in the following year. As described in each Fund’s governing and offering
documents, each Fund pays Aequim with respect to each measurement period for each Investor, a
performance fee equal to 15% of the performance fee base for that Investor for that measurement period.
The performance fee is calculated independently for each measurement period, notwithstanding the fact
that measurement periods will overlap such that each calculation date will fall into two distinct
measurement periods.

If an Investor withdraws or is distributed all or part of its capital account balance on a date other than the
last scheduled day of a measurement period, the measurement periods with respect to the amount
withdrawn or distributed on such intra-period withdrawal date is deemed to end and the performance
fee with respect to the amount withdrawn or distributed for such measurement periods, if applicable, is
calculated and paid to Aequim. In respect of each calendar year in or after which an Investor is admitted
to a Fund, a measurement period for such Investor ends on December 31 of such calendar year, and
commences on the later of (i) January 1 of the calendar year immediately preceding such calendar year,
and (ii) the date such Investor was admitted to the Fund. Certain initial Investors are subject to a
management fee payable monthly in advance; however, performance fees are reduced by the amount of
management fees paid during the relevant measurement period.

Performance fees are paid by a Fund in arrears at the end of each year and upon full or partial redemption
of interests in a Fund by an Investor. Performance fees are applied as charged against the Investors to
which they relate.

The Firm is authorized to deduct management and performance fees from the applicable Fund. In general,
the fees for the Funds are not negotiable. The Firm may, by agreement with particular Investors, reduce,
waive, or modify the management and performance fees attributable to those Investors. Details regarding
Aequim’s management and performance fees are set forth in each Fund’s relevant offering and governing
documents.

An Investor may redeem all or part of its capital account in a Fund on 60 days’ advance notice to the
General Partner and subject to certain restrictions as provided in the Fund’s governing documents.

Separate Accounts

Aequim’s Managed Accounts compensation is negotiable and varies, but typically, Aequim is entitled to
receive a performance fee based on a percentage of net profits of the account (including both realized
and unrealized gains and losses). Performance fees for the Managed Accounts are assessed in arrears on
an annual basis. The Managed Accounts are subject to a management fee payable quarterly in arrears;
however, performance fees are reduced by the amount of management fees paid during the relevant
measurement period on a dollar-to-dollar basis but not below zero. If Aequim does not provide advisory
services to the Managed Accounts for a full calendar year, the management fee will be reduced pro-rated
to reflect the portion of such month in which Aequim provided advisory services. Aequim typically bills
the Managed Accounts for payment of management and performance fees.

Item 5.C. Other Fees and Expenses Clients may be Charged

The Firm is responsible for its operating, general, administrative and overhead costs.

Each Fund bears all costs and expenses of its organization and ongoing operation including, without
...

Item 7: Types of Clients

Aequim provides investment advice to Funds domiciled in Delaware and Cayman Islands. Investors of the
Funds may include high net worth individuals, corporations, funds of funds, financial institutions,
insurance companies, endowments, foundations, trusts, estates, sovereign wealth funds, and public and
private pension, profit sharing plans and knowledgeable employees. The minimum investment amount by
an Investor in a Fund is generally $1,000,000. This amount may be higher or lower depending on each

Fund’s offering documents. The Firm and/or the General Partner retains the right to reduce or waive such
minimum amount. Please also see Item 4.B. for additional information regarding the qualifications of
Investors in the Funds.

Aequim also provides investment advisory services to separately managed accounts. The types of clients
that may establish separately managed accounts may include corporations, public and private pension
plans, profit sharing plans and other institutional investors. Generally, Aequim requires a minimum dollar
value of $150,000,000 to establish a separately managed account. Aequim, at its sole discretion, may
reduce or waive such minimum amount.